Transocean executives to donate safety bonuses

'Our most sincere apologies'Transocean's top executives to donate bonuses

TOM FOWLER, HOUSTON CHRONICLE

Published 5:30 am, Wednesday, April 6, 2011

Transocean's senior management team will donate bonuses they received for the company's 2010 safety performance to a memorial fund benefiting families of the 11 men who died in last year's explosion of Transocean's Deepwater Horizon rig.

The company said in filings last week that 2010 was its "best year for safety performance" based on data it gathered — despite the 11 deaths April 20 when BP's Macondo well blew out, destroyed the drilling rig and triggered a massive oil spill.

The executive team was eligible for 115 percent of safety-related bonuses, although that was reduced to 67 percent of the target bonuses because of the deaths.

The bonuses drew outrage from regulators and the public.

"Some companies just don't get it," said William Reilly, former co-chair of the presidential commission that investigated the disaster. "I think Transocean just doesn't get it."

"The executive team made this decision because we believe it is the right thing to do," CEO Steven Newman said in a statement. "Nothing is more important to Transocean than our people, and it was never our intent to diminish the effect the Macondo tragedy has had on those who lost loved ones. We offer our most sincere apologies, and we regret the impact this matter has had on the entire Transocean family."